The Income Tax Department conducts searches in Hyderabad

2 minutes, 3 seconds Read

Ministry of Finance

Income Tax Department conducts searches in Hyderabad

Posted On: 31 MAR 2021 7:42PM by PIB Delhi

The Income Tax Department carried out search and seizure operations on two real estate developers engaged in the real estate activities mainly in and around Yadagirigutta, suburb of the Hyderabad City.  They are into plot ventures as well as in the construction of apartments.

During the course of search operations, many incriminating documents, hand written books, agreements etc. indicating unaccounted cash transaction were seized.  The data was also recovered from a specialized software application as well as from other electronic gadgets.  The groups were found to be accepting cash over and above the registered value and such unaccounted cash is used for on-money payment for purchase of land and other incidental business expenditure.

During the course of search unaccounted cash of Rs. 11.88 crore and gold jewellery valued at Rs. 1.93 crore has been seized.  The search has resulted in the detection of incriminating evidences relating to the unaccounted cash receipts to the tune of Rs. 700 crore for the last six years, the income of which is taxable in the hands of the transacting parties.

Further investigations are in progress.

Source: Posted On: 31 MAR 2021 7:42PM by PIB Delhi

Also read other articles @ EduTaxTuber

How To Create Multiple Ledgers in Tally Prime?
In this article, we will discuss that how we can create multiple ledgers in Tally Prime. If we create multiple ledgers then we can save our time on the other hand If we create a single ledger then it will …
TallyPrime: Important Shortcut Key ALT + G or GO To
In this article, we will discuss the new and unique shortcut key ALT + G or GO To in the TallyPrime. With the help of the ALT + G shortcut key, you can navigate in tally anywhere. ALT + G …
Income Tax Advisory for Validation of Bank Account for Income Tax Refund
The Income Tax department has issued an advisory for validation of Bank account for INCOME TAX REFUND It may be possible that you have filled your Income tax return but still have not received refund due to bank validation issue …
Income Tax Notification No. 43/2023: CBDT Notifies New Form 10IEA
Income Tax Notification No. 43/2023: The Central Board of Direct Taxes (CBDT) has notified new form 10IEA for opting and withdrawing from new regime for FY 2023-24 via notification no. 43/2023 dated 21st June 2023. What is form 10IEA? Form …

If you want to make the lower case, The Excel LOWER function Converts all uppercase letters in a text string to lowercase. It ignores space, numbers, and punctuation. Visit this link – Excel LOWER Function.

The Excel PROPER function Capitalizes the first letter in a text string and any other letters in the text that follow any character other than a letter. It Converts all other letters to lowercase letters. Visit this link – Excel PROPER Function

Create TDS Nature of Payment

From the gateway of Tally press “C” then select “TDS Nature of Payments” under the Statutory Masters and press Enter. OR Press “ALT + G” select Create Master press Enter and select “TDS Nature of Payment” under the Statutory Masters and hit the enter button.

How To Check PM- Kisan Samman Nidhi Yojna Beneficiary Status

In this article we will see in detail how to check “PM- Kisan Samman Nidhi Yojna” beneficiary status i.e. whether money is received or not. You can check it Online. You can check in three ways i.e using 1. Aadhar Number, 2. Bank Account Number, and 3. Mobile Number.…. Read More

EduTaxTuber Team

EduTaxTuber Team

We are here to help for every updates related to everything...👍📙👍📗

Similar Posts

Leave a Reply